The New Wisdom in Wealth and Health Workshop (1759 hits)
Step 2. "Use your time to earn more money" by Kelvin Boston It is a reality that African American women live longer than African American Men. Therefore, the more time a dollar has to compound, the more the dollar will grow. Example, $1,000 investment earning 10% will double in value in seven years to $2,000. $1,000 if allowed to compound for fourteen years at 10% will increase to $4,000. The only factor that caused the money to grow was time-the time value of money. Hummmmm!
Time+Money+Compound Interest = Financial Success
So sistah's the author is suggesting that we may want to take a long-term attitude when investing in the stock market.
We may also decide to take more risks with our investments.
We might need more retirement money than our husbands will. For example, use age seventy-seven as a minimum requirement.
We might want to purchase a decreasing term policy to age eighty-five or ninety to have more time to become self-insured and increase our finances.
(This happened to my mother, now she is living off of social security and with us)
Will you share advice on the comparison between keeping all of your savings in one institution as opposed to diversified savings among two or three institutions? Thank you in advance.
Saturday, August 30th 2008 at 1:55AM
Deirdre Wishom
